Building Up the Construction Industry
This year has brought unforeseeable challenges to many business owners. Across the country, businesses are slowly reopening, but it could be some time before things return to normal. Some businesses might progress better than others.
Experts predict that the construction industry could emerge from the pandemic even stronger than before. According to Associated Builders and Contractors, the construction industry added 464,000 new jobs in May, marking the largest monthly increase in construction jobs since the 1930s.
With the construction industry on the rebound, business owners need to have the proper insurance coverage in place before getting back to work. Whether your clients handle ground-up construction or renovation work, Devon Park Specialty offers several products that are specifically designed to cover insureds’ construction needs.
Our Builder’s Risk product provides property coverage limits up to $10 million per location for the ground-up construction of residential dwellings and commercial projects, including 1-4 family dwellings, mercantile locations, offices, educational locations, shopping centers, medical facilities and smaller warehouse and distribution facilities.* Coverage is provided on an inland marine form that covers building materials and supplies, fixtures and machinery, and equipment used to service the building. Additionally, we offer both property in transit coverage and property off-premises coverage up to a maximum sublimit of $100,000 and soft costs up to 20% of the property limit.
Our Construction and Premises Protective product and Owner Acting as a General Contractor product are designed to provide comprehensive premises liability coverage as well as coverage for the vicarious acts of the contractor for major renovations or new construction work. These coverages apply to both residential and commercial construction. We can consider construction costs up to $10 million when the owner hires a general contractor and up to $5 million when the owner is acting as the general contractor.** We also have the ability to package property coverage up to $10 million per location with general liability for existing buildings under renovation.
Contact your Commercial Lines underwriter to learn more about how our Builder’s Risk, Construction and Premises Protective, and Owner Acting as a General Contractor products can assist with construction coverage.
As always, thank you for your support and business.
*Offered in all states except AK, HI, LA, NE, OK and WV
**Not intended for applicants who are general contractors by trade
Contact Cheryl Ryan
Executive Vice President, Division Leader – Commercial Lines | 844-438-6775, ext. 2582
Written by Danielle Conner
December 3, 2020